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Friday, February 5, 2010

NFP is in, and it's not good. We were expected to add jobs, but lost another 15,000. Inexplicably, the unemployment rate dropped to 9.7%, no doubt to to more people dropping out of the workforce. I haven't looked at the numbers, but no doubt Denninger has, so check the Market Ticker for the gory details. I had to go back 6 months to find some support, and the best I could find was 1036 1074 looks like resitance on c daily chart, and 1055 is the mid point, and also where we are now getting a little bounce. Now we will see if the market can rally back from here, or if it breaks 1055 and all heck breaks loose. After yesterday's thrashing, XLF is getting a pretty good bounce today, with XLK and XLB close behaind. Lagging badly are XLE and XLI. The Nasdaq is leading, the Russell 2000 lagging. Oil and gold are both down, but trying to rally.

I have 14 new highs so far. ARG is up big on huge volume on a hostile takeover attempt. Despite the low number of new highs, I have a decent amount of potential breakouts today, in NDN, KELYA, TSN, and STS. Last night we had reports from PKI, up 5%, and BMI, down 4.7%. This morning we had TE, down 1%, and DECK, down 0.7%.

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About Me

I am not a financial professional, just a guy that trades my own account.
I am also not a musical professional, just a guy that makes music on the computer. Thus, two blogs, one trading and on musical.
And, no, the picture is not me, it is the late, great John Belushi, one of the inspirations for these blogs.

About ThIs Blog

This blog is focused on technical analysis of stocks and markets, putting heavy emphasis on chart analysis. My trading style is derived primarily from my mentor, William "Yoda" O'Neil, and the focus here is on leading and breakout stocks, but all forms of trading are covered to some extent. Economic and political news that effects the market are also topics here, and the blog may occasionally become a platform for my political and philosophical ranting. I keep several spreadsheets on Google docs which track various aspects of the market and readers are welcome to vies and comment on them.

Google Docs Spreadsheets

There are several spreadsheet that I maintain on Google docs to track various watchlists and trends in the market.

1. The earnings list - a group of small and micro cap, low float stocks that have exhibited recent rapid earnings growth. They are modeled along the lines of William O'Neil's CAN SLIM system, but limited to small cap, highly volatile stocks.

2. The relative strength list - a group of stocks which are near 52 week highs and have shown an increase in average daily volume. The list is limited to the top 200 stocks according to my methodology, which will be detailed on one of the pages of the spreadsheet.